Your Will should be reviewed regularly to make sure it reflects your current personal circumstances and wishes—especially if any of the following scenarios arise.
1. Your family unit changes
Most families move and change as the years go on. So, if you’ve started a new relationship, got married or welcomed new children or grandchildren, it’s important to review your current Will if you want to make sure these new additions are provided for. The same consideration should be given if a beneficiary dies and you want to reallocate your assets or reassess your contingency plans.
2. Divorce, separation and family fall outs
As we all know, not all relationships last forever. If you’re thinking of leaving your partner, you’ve had a falling out with a friend or family member, or you’ve separated or divorced, then revisiting your Will is a good idea to make sure your current wishes are recorded.
3. Your beneficiary develops problems
If a loved one develops a problem with alcohol, gambling, drugs, or any major problem, you may want to think about how you deal with this in your Will. It might also be wise to seek the advice of a legal professional to make sure you’re aware of all the legal options.
4. You change your executer or trustee
When you first put your Will together the kids may have been young, so you gave the role of executer or trustee to a faithful friend. Or perhaps you’ve named someone who is now unsuitable due to ill health. If things have changed you might want to revisit your Will and think about who you want to place in this important role.
5. The assets in your Will change
Your financial situation from a few years ago may be very different than it is today. Perhaps you had a monetary windfall, you received an inheritance, or you sold an item specifically mentioned in your Will. Conversely, you could have had money problems or face bankruptcy. Either way, it’s important to revisit your Will regularly to make sure it reflects your current personal circumstances.
6. Your Will may not cover your super
Unlike your personal assets such as your house, property and investments, your superannuation does not automatically form part of your estate on your death. Your Will may not cover this important asset. There are a couple of options for how you can decide who gets your super benefit on your death.
Learn more about binding and non-binding nominations
Need help with your Will?
It’s important that any changes or updates to your Will are completed correctly because in some circumstances small changes can revoke or invalidate the entire document. TelstraSuper Financial Planning Advisers can refer you to an estate planning specialist who can ensure your wishes are legally documented. If you’d like to discuss your estate planning needs or if you have any other financial advice queries, contact 1300 033 166 or fill in our online contact form.